Daily News: July 23, 2012

Great American Group Enters Partnership With Rig Planet

Great American Group, LLC, a provider of asset disposition, valuation and appraisal services, has formed an alliance with Rig Planet, a global marketplace for new and used oilfield equipment.

The partnership agreement represents a “major step forward” for the company’s oil, gas and energy appraisal sector, according to Mike Petruski, executive vice president and general manager of Great American Group’s Machinery & Equipment and Disposition Services Division.

“While we have provided numerous appraisals and evaluation projects within the oil and gas industry for some time, this alliance will allow our appraisal division to benefit from Rig Planet’s years of experience in the valuation of energy equipment throughout the world,” Petruski said. “Rig Planet is a highly respected firm, and the new relationship really broadens our capacity to service this sector of the industry.”

Rig Planet CEO Doc Monical believes this alliance will enhance both companies to reach greater potential growth. “I see this as a mutually beneficial collaboration for our perspective companies. Great American Group’s experience in asset disposition along with Rig Planet’s industry connections throughout the world in the energy sector should prove advantageous for both of us,” Monical said.

According to Lester Friedman, CEO of Great American Group’s Valuation & Appraisal Division, the timing of the agreement is fortuitous – given the growing interest in oil and gas exploration in the United States and Canada and the heightened business activity that is growing along with it.